The Central Bank of Iraq: The exchange rate cannot be changed, and this is the size of the gold and currency reserves

Walter

economybreakingCentral Bank of Iraqexchange rategold reserve

 2022-07-02 08:46A-AA+

Shafaq News/ The Central Bank of Iraq revealed today, Saturday, the size of the gold reserves in the country, and while it expected the hard currency reserves to reach 90 billion US dollars, it confirmed that it was not possible to change the exchange rate.

Deputy Central Bank Governor Ammar Khalaf said in a statement to a number of media outlets, including Shafak News Agency, that “it is hoped that the bank’s reserves of hard currency will reach 90 billion US dollars,” explaining, “We now have more than 70 billion dollars.”

Khalaf pointed out that “Iraq’s gold reserves are currently more than 100 tons, after we bought more than 30 tons during this period.”

As for changing the exchange rate, the Deputy Governor of the Bank affirmed that “the exchange rate cannot be changed,” stressing that “there is no justification at present to change it.”

He explained that “changing the exchange rate confuses the markets at the present time, pointing out that” its change depends on the economic situation and within the monetary policy of the country.”

He stressed that “the ruler and the economic circumstance determine the appropriate decision to change the exchange rate.

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